State Tax Collections Down For All But Business
The state's January tax collections hit $1.79 billion, $25 million more than the benchmark set by the state Department of Revenue mid-month, but $409 million less than the total collected in January 2008.
The state collected $25 million in corporate and business taxes during the month. That's up $19 million compared to January of last year and $21 million more than the benchmark set by the department. The department said lower corporate refunds were largely responsible for the increase.
Income tax payments, including those collected on capital gains, totaled $554 million for the month. That's down $308 million compared to January of last year and $1 million below the department's benchmark.
Withholding tax collections were $768 million, down $68 million from a year ago. Sales tax collections were $361 million, $34 million less than what the department brought in last year.
Income tax cash refunds totaled $77 million, a $12 million increase compared to the same period a year ago, and $25 million more than the department benchmark. The refund increase was the result of "faster-than-projected processing," the department said. The average income tax refund was $530, unchanged from a year ago.
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